Moody’s slashes Indian development forecast to -11.5%

New Delhi, September 11

Moody’s Investors Service on Friday slashed India’s development projection for the present fiscal to (-) 11.5%, from (-) 4% estimated earlier.

It stated India’s credit score profile is more and more constrained by low development, excessive debt burden and weak monetary system. These dangers have been exacerbated by the coronavirus pandemic.

In deep stress

  • Mutually reinforcing dangers from deeper stresses within the financial system and monetary system might result in a extra extreme and extended erosion in fiscal energy, exerting additional strain on the credit score profile — Moody’s Investors Service

“Mutually reinforcing risks from deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further pressure on the credit profile,” Moody’s stated whereas projecting an 11.5% contraction in Indian financial system this fiscal.

For 2021-22, it projected the financial system to clock a development of 10.6%. Moody’s motion follows one other world score company Fitch, which earlier this week, projected a 10.5% contraction in Indian financial system this fiscal.

Domestic businesses Crisil and India Ratings and Research have projected contraction of 9% and 11.8%, respectively. — PTI

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